Yep. Looks like Karratha is prob only worth $25m-$30m, not $50m. So key question is what is the commercial portfolio really worth. Regarding cash and other assets: yes they have value, but offset by all the other Ls on the BS. This is the problem with highly leveraged NTAs, a small change in any A has a huge (levered) impact on the book E.
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Yep. Looks like Karratha is prob only worth $25m-$30m, not $50m....
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